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Metro Detroit home sales down, median sale prices up year over year

Median home sale prices in metro Detroit in February increased by 33.8 percent over 2013, although sales were down 13.6 percent for the four-county region.

Data released today by Farmington Hills-based Realcomp II Ltd. shows the median sale price for Wayne, Oakland, Livingston and Macomb counties was $107,000 in February, up from $80,000 in February 2013.

Here’s a look at the median sale prices by county:

Wayne County: Up 18.6 percent to $53,350 from $45,000

Macomb County: Up 35 percent to $108,000 from $80,000

Livingston County: Up 10.5 percent to $179,500 from $162,500

Oakland County: Up 18.1 percent to $165,000 from $139,770

As prices continue to climb, sales in all four counties are down 13.6 percent to 3,074 total sales in February 2014 from 3,559 sales in February 2013.

The total number of homes on the four-county market is also down 13.8 percent to 12,531 in February 2014 from 14,544 the year before.

In the Detroit area, which Realcomp defines as the city of Detroit, Hamtramck, Harper Woods and Highland Park, the median sale price fell 2.9 percent from $10,502 in February 2013 to $10,200 last month, and home sales fell 1.1 percent from 452 in February 2013 to 447 last month.

Looking ahead

This month’s figures have remained relatively flat compared to last month, which saw a median home sale price of $110,000 in the four-county region and a total of 3,336 home sales. However, Realcomp CEO Karen Kage said the trend of rising prices and declining sales and inventory shouldn’t last.

Kage said the cold winter has kept some homeowners from preparing their houses for market.

“I’m hoping that the rising prices will entice people to put their homes on the market,” Kage said. “The demand is there, we just need the inventory.”